The week ending October 24th was particularly momentous for the digital currency market. Bitcoin was the token that attracted the most attention from Wall Street investors and financial news media markets during the week. The release of BITO, an exchange-traded fund recently approved by the United States Securities and Exchange Commission, motivated traders who sent BTC/USD to record-high pricing near $67K. Many market analysts believe that $70K is reasonably in sight for Bitcoin, and a few think that $100K is not far-fetched at this point.
The ProShares Bitcoin Strategy ETF launched to great fanfare on the New York Stock Exchange, and it managed to generate a billion dollars worth of trading volume on its very first day. This was the first time an ETF that is not tied to a Wall Street benchmark achieves such volume in a single day. A few days later, the Valkyrie Bitcoin Futures ETF also made its Wall Street debut on the NYSE.
In a world where many would see BTC/USD trading as low as $35K or so, most Wall Street analysts think that Bitcoin could easily reach and surpass $100K in a matter of months. That sentiment is likely to change soon if not already, and many are predicting a Bitcoin rally to continue for several more months. With these market conditions in mind, it’s a good time to review the key facts about Bitcoin that you should know to make smart investments.
Even more positive news were made by the respected cryptocurrency exchange Coinbase, which has struck a deal with the NBA and WNBA to promote digital currency investments among players, team staff members, and fans of the league. This will also involve the integration of Coinbase Pro, the company's professional trading. Coinbase users can currently trade a number of cryptocurrencies on Coinbase Pro. Coinbase has quietly been expanding into professional sports, but this deal with the NBA and WNBA has been its most significant.
Earlier this year, the NBA Top Shot non-fungible token topped the market with sales of the NFT reaching more than $230 million in a single day. The Los Angeles Clippers has also shown interest in tokens; in August, the team partnered with a blockchain developer to develop a digital currency that would be used to provide rewards and incentives to loyal fans.